Lord Blencathra – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Blencathra on 2016-09-12.

To ask Her Majesty’s Government, in the light of the criticisms in the report published on 8 July by the Independent Evaluation Office of the International Monetary Fund (IMF), The IMF and the Crises in Greece, Ireland, and Portugal, what value they now place on the IMF’s forecasts and policy statements.

Lord O’Neill of Gatley

The government continues to value the IMF’s forecasts and other analytical outputs, which are supported by high quality technical analysis and data-gathering. This is used alongside the government’s own analysis, and the work of other institutions. We do not believe that the International Evaluation Office’s (IEO) report entitled The IMF and the Crises in Greece, Ireland and Portugal provides compelling evidence to alter this practice.

The government values the work of the IEO, which is important in improving transparency, oversight and enhancing the learning culture at the Fund.